Snap-on (SNA) Q3 FY2021 earnings: revenue $1.1 billion, up 9.5% on the year

Snap-on Inc. (SNA) reported revenue of $1.1 billion for Q3 FY2021, the quarter ended 2 October 2021, up 9.5% on the same quarter a year earlier. Net income was $196 million, up 9.2% on the year, and diluted earnings per share $3.57. The figures are the company's own, from the 10-Q it filed with the SEC on 21 October 2021.

Revenue

$1.1 billion

+9.5% on the year · -3.7% on the quarter

Q4 FY2019Q3 FY2021

Operating margin

24.2%

24.5% a year earlier

Q4 FY2019Q3 FY2021

Net income

$196 million

+9.2% on the year · -5.7% on the quarter

Q4 FY2019Q3 FY2021

Diluted EPS

$3.57

+8.8% on the year · -5.1% on the quarter

Q4 FY2019Q3 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Revenue	1,125	1,168	1,027	-3.7%	+9.5%
Operating income	272	286	251	-4.9%	+8.2%
Operating margin	24.2%	24.5%	24.5%
Interest expense	13.2	14.3	13.8	-7.7%	-4.3%
Pre-tax income	262	275	240	-4.6%	+9.2%
Income tax	60.9	62.9	55.1	-3.2%	+10.5%
Effective tax rate	23.2%	22.9%	22.9%
Net income	196	208	180	-5.7%	+9.2%
Net margin	17.4%	17.8%	17.5%
Diluted EPS	$3.57	$3.76	$3.28	-5.1%	+8.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Operating cash flow	186	238	224	-21.7%	-16.8%
Capital expenditure	16.2	18.3	10.1	-11.5%	+60.4%
Free cash flow	170	220	214	-22.6%	-20.4%
Free cash flow margin	15.1%	18.8%	20.8%
Cash from investing	-29.7	-29.7	-18.8
Cash from financing	-386	-148	-105
Depreciation and amortisation	24.9	25.5	23.9	-2.4%	+4.2%
Depreciation	18.5	19.2	18.1	-3.6%	+2.2%
Share-based compensation	9.5	11.5	5.6	-17.4%	+69.6%
Buybacks	66.5	137	45.1	-51.6%	+47.5%
Dividends paid	66.3	66.7	58.8	-0.6%	+12.8%
Dividend per share	$1.23	$1.23	$1.08	0.0%	+13.9%
Diluted shares, weighted	55m	55m	55m	-0.7%	+0.2%
Shares outstanding at period end	54m	54m	54m	-0.5%	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Shareholders' equity	4,047	4,003	3,619	+1.1%	+11.8%
Non-controlling interest	22.0	22.1	21.8	-0.5%	+0.9%
Debt	1,200	1,432	1,432	-16.2%	-16.2%
Operating lease liabilities	35.0	34.2	33.6	+2.3%	+4.2%
Finance lease liabilities	5.2	5.7	8.2	-8.8%	-36.6%
Other liabilities	1,271	1,294	1,153	-1.7%	+10.2%
Total liabilities and equity	6,581	6,792	6,268	-3.1%	+5.0%
Goodwill	1,171	1,178	938	-0.6%	+24.8%
Intangible assets	250	255	242	-2.2%	+3.3%
Cash and equivalents	736	966	788	-23.9%	-6.6%
Receivables	653	645	619	+1.2%	+5.5%
Inventory	790	761	764	+3.8%	+3.3%
Other assets	2,982	2,987	2,917	-0.2%	+2.2%
Total assets	6,581	6,792	6,268	-3.1%	+5.0%

Questions

What was Snap-on's revenue in Q3 FY2021?

Snap-on (SNA) reported revenue of $1.1 billion for Q3 FY2021, the quarter ended 2 October 2021, up 9.5% on the same quarter a year earlier.

How much did Snap-on earn in Q3 FY2021?

Net income for Q3 FY2021 was $196 million, up 9.2% on the year, and diluted earnings per share $3.57.

When did Snap-on report Q3 FY2021 results?

Snap-on filed its 10-Q for the quarter ended 2 October 2021 with the SEC on 21 October 2021.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,195	1,186	1,223	1,190	1,244	1,276	1,285	1,254	1,294	1,282	1,280	1,247	1,299	1,243	1,281	1,292	1,340	1,308	1,335	1,282
Operating income	299	294	312	290	312	326	344	315	326	339	350	324	332	313	327	347	340	319	336	316
Operating margin	25%	25%	26%	24%	25%	26%	27%	25%	25%	26%	27%	26%	26%	25%	26%	27%	25%	24%	25%	25%
Interest expense	11.3	11.6	11.7	11.8	12.0	12.4	12.6	12.4	12.5	12.5	12.3	12.5	12.3	12.4	12.3	12.4	13.4	12.4	12.3	12.5
Pre-tax income	293	290	310	291	312	329	348	320	331	345	357	332	339	315	329	349	342	323	339	319
Tax rate	22%	23%	23%	21%	22%	23%	22%	22%	21%	22%	22%	22%	22%	22%	22%	22%	22%	22%	22%	22%
Net income	224	217	232	224	239	249	264	243	255	264	271	251	258	240	250	265	261	247	261	243
Net margin	19%	18%	19%	19%	19%	19%	21%	19%	20%	21%	21%	20%	20%	19%	20%	21%	19%	19%	20%	19%
Diluted EPS	$4.09	$4.00	$4.27	$4.14	$4.41	$4.60	$4.89	$4.51	$4.75	$4.91	$5.07	$4.70	$4.82	$4.51	$4.72	$5.02	$4.94	$4.69	$4.96	$4.64
Operating cash flow	223	194	141	130	211	302	270	285	297	349	301	274	294	298	237	278	268	369	272	248
Capital expenditure	16.3	20.2	21.3	20.0	22.7	23.0	25.8	25.1	21.1	21.8	23.2	20.4	18.1	22.9	19.7	19.9	13.5	21.2	23.1	24.7
Free cash flow	206	174	120	110	188	279	244	260	276	327	278	254	275	276	218	258	255	348	248	223
Buybacks	75.5	28.8	53.8	50.2	65.3	87.2	94.8	51.8	60.9	70.2	47.4	59.9	112	87.2	79.0	82.0	80.4	99.9	91.4	87.1
Dividends paid	76.1	75.7	75.7	75.7	86.0	86.1	85.9	85.6	98.0	98.2	98.0	97.9	112	112	112	112	127	127	126	126
Shares outstanding	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m	52m	52m	52m	52m	52m	52m	52m	52m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 2 October 2021, filed 21 October 2021: the filing.